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Brent stays above $100 as supply and geopolitics clash
ING says speculators cut their net long in ICE Brent by 13,812 lots to 204,302 over the latest reporting week, the smallest since early August.
Oil market focus is centered on ICE Brent holding just above the $100 per barrel level, even as prices repeatedly dipped below it, according to ING’s Warren Patterson, cited by FXStreet.
The newsletter points to higher oil flows through the Strait of Hormuz, G7 reserve releases, and recovering Saudi pipeline capacity as balancing forces against persistent Middle East tensions and OPEC+ keeping production plans unchanged.
ING also cited positioning data showing speculators reduced their net long by 13,812 lots over the last reporting week to 204,302 lots, its smallest level since early August.
FXStreet reported ING’s view that OPEC+ left November production levels unchanged over the weekend, after earlier cumulative supply increases of 1.65 million barrels per day during the US-Iran conflict that were largely described as paper increases due to ongoing supply disruptions.
Latest closeBrent $102.70 ▲0.4%